NSE benchmark Nifty fell sharply in late trade, down 98 points to 11,582.35 led by sharp sell-off mainly in FMCG, banking and energy amid negative global cues.
Sentiment was also affected by the Indian rupee hitting a record low and rising crude oil prices.
The rupee hit a fresh all-time low of 71.21 against the US dollar, raising concerns on the macroeconomic front.
Overseas, most European stocks declined on heightened concerns of an escalating trade war between the US and China. Asian stocks were trading lower as trade-war fears increased after the US and Canada missed a deal deadline set for Friday.
The Nifty 50 index fell 98.15 points, or 0.84 per cent, to end at 11,582.35, its lowest closing level since 24 Aug 2018.
The index rose 71.30 points at the day's high of 11,751.80. It fell 113.10 points at the day's low of 11,567.40.
It saw an intra-day movement of about 184.40 points.
On the sectoral front, FMCG dropped by 2.44 per cent, followed by private bank 1.16 per cent, energy 1.04 per cent, realty 1.00 per cent, PSU bank 0.96 per cent, bank 0.86 per cent, finance service 0.75 per cent, auto 0.67 per cent, IT 0.55 per cent, infra 0.43 per cent and pharma 0.30 per cent.
While, Media and Metal rose by 0.46 per cent and 0.36 per cent, respectively.
Major index gainers, Dr Reddy, Wipro, EicherMotors, Titan, Hindpetro, Infratel, Bajaj Auto and Hdfc Bank.
Losers were BajFinance, Hindunilver, PowerGrid, Axis Bank, TechM, ITC, UltraCemCO, Maruti, and Mahindra&Mahindra.
The market breadth, indicating its overall health, turned lossers. On the NSE, 885 stocks advanced, 966 declined and 85 remained unchanged. Total securities that have hit their price bands were 255.
Turnover in the cash segment fell to Rs 36,009.32 crore from Rs 42,825.68 crore as on last Friday.
A total of 15,713.30 lakh shares changed hands in 1,10,27,660 trades. The market capitalisation of listed firms on NSE stood at Rs 1,56,22,671.35 crore.
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